The goal of limiting global warming to 1.5 degrees Celsius is unlikely to be achieved, and as a result, there is growing focus on addressing loss and damage caused by climate change through, among others, the establishment of a loss and damage fund at COP27. However, there is difficulty in defining and understanding the concept of loss and damage, including what it includes (or does not include), how it relates to adaptation, and what the current gaps are in areas of research, policy, financing, technology, and capacity in vulnerable countries.

In this session, we aim to discuss the importance of addressing loss and damage in the context of global peace and prosperity, and how international cooperation could be strengthened in areas such as research, policy, financing, technology, and capacity. We will explore the potential ways in which international organizations, multilateral development banks and funds, and bilateral aid agencies could work together with local stakeholders and specific gaps in the loss and damage space that they could help address.